Ask a variety of companies of different sizes in different sectors to define what digital transformation means for them and you will, in all likelihood, receive many divergent responses.

Customers and times are changing, and business must keep apace with those changes. Whilst it is an undeniable fact that in the post-covid world, companies have to embrace new ways of doing business, it is also true that many have not been successful in their migration from paper, bricks and mortar, face to face customer services and other ‘analogue’ functions and as a consequence are struggling to compete in today’s ‘brave new world’.

Digitisation of a company’s processes is not a single issue that can be addressed by an internal IT department that may itself have been left behind by the speed of the digital transformation that the Covid-19 pandemic accelerated. Digital migration requires a reinvention of the business and all its processes, both internal and external – from streamlining human resource procedures to financial structures and stakeholder and customer interaction points.

Key to the successful transformation of a company to more digital functionality is the capacity and training of staff, soliciting inputs to changes from all stakeholders and constantly benchmarking and reviewing new processes with other equivalent enterprises and global best practices.

The selection of a partner that is fully conversant in all the technical, legal and human implications of digitisation and that can take a holistic view of a business’s long-term needs is imperative in a company’s digital transformation journey. Working in the fintech space, e4 ensures that the digitisation of processes and procedures is seamless and efficient and meets the needs of the company and its customer.

Whatever your core business, even if it feels far from anything requiring digital capability, the fact is that it in all probability it does. Whether it is an online ecommerce site, streamlining of logistical operations, migration of customer service functions from call centre to one that is remote, and ‘bot’ operated, business needs to embrace change.

It is essential, when implementing digital transformation strategies, that at the centre of all companies’ functions is always the customer be it internal or external. Consumers are increasingly demanding low or no touch engagements and so those companies that are able to deliver outstanding user experiences on a variety of platforms will retain a competitive edge. Companies that are fast, agile and responsive will stay relevant and be preferred over competitors whose digitisation journey is slow and cumbersome.

Whilst some of this capability for digital transformation lies within companies’ IT departments, it is to specialised service providers that companies should look to be guided to create holistic digital migration processes which are ever evolving. It is not enough simply to transfer an analogue or manual process that was inefficient into an equally inefficient digital one. This is the time for businesses to totally rethink their overall functions, take the opportunity to overhaul old practices and replace them with digitised tools that deliver step change value. Organisations need to focus on the value derived from digital enablement,  not the technology that underpins this value creation.

Most financial services related enterprises have established digital transformation as a key strategic agenda item at least over the short to medium term. Whilst certain institutions continue to build these capabilities internally, many more have seen the advantage of partnering with specialists in the multiple areas encapsulated by fintech industry players.

What is certain is that digital is here to stay. It is fast paced and is driven by tech-enabled customers looking for tech-enabled solutions to suit their needs. Businesses need to be on board with digitisation and to look to the future if they plan to be around in the years to come.

By: Grant Phillips,

Group CEO of fintech specialist e4

Leave a Comment

Your email address will not be published.

You may also like

Business Culture Economy Entertainment Investments

Nigerians Rally Against DSTV’s High Subscription Rates, Embrace SLTV as Affordable Alternative – Anthony Emeka Nwosu

post-image

 

Amid mounting dissatisfaction with DSTV’s steep subscription fees, Nigerians are turning to SLTV in droves, marking a significant shift in the country’s television landscape.

The online outcry against DSTV gained traction when Mike Igozino voiced his frustration, announcing his switch to SLTV and condemning DSTV’s exploitation of hard-earned income. His sentiments resonated widely, sparking a wave of support for SLTV as a more economical option for premium entertainment.

“I can watch all Premier League, Champions League, Italian and Spanish leagues with just #5K monthly?! And DSTV collects 23,800 from me monthly… Nigerians, shine your eyes, DSTV came to steal from us,” declared Igozino, encapsulating the sentiment of many disillusioned consumers.

Jennifer Chioma Owolabi echoed the sentiment, expressing her eagerness to explore SLTV as a viable alternative to DSTV. She sought insights into SLTV’s offerings beyond sports channels, highlighting the growing interest in diversifying entertainment options.

Read More
Business Economy Society Software

Azentio Software wins three honours at IBS intelligence (IBSi) Digital Banking Awards 2024

post-image

Azentio Software (“Azentio”) (www.Azentio.com), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced today that it has won three awards with its respective clients, at the IBSi Digital Banking Awards 2024 ceremony, held as a part of the prestigious Cedar-IBSi Digital Banking & AI Summit, on April 19 in Bengaluru, India. The company was declared Segment Winners I SME/Corporate Banking, Regional Winners I Middle East & Africa, and Segment Winners I Compliance Management.

 

Organised by IBS intelligence (IBSi), one of the world’s leading financial technology research, advisory, and news analysis firm firms, the annual award program honours technology players, Banking as a Service (BaaS) providers, digital banks, neo banks, and challenger banks for their excellence in driving impact through technology implementations and innovations using emerging technologies.

The Azentio Accolades

  • Digital Badge of Segment Winners I SME/Corporate Banking
  • Digital Badge of Regional Winners I…
Read More
Announcements Business Economy

Ethnos Hosts FinTech Association of Nigeria for Collaborative Discussions on Cybersecurity

post-image

 

Ethnos, a leading cybersecurity firm based in Lagos, recently welcomed the esteemed members of the FinTech Association of Nigeria to their premises for a collaborative meeting aimed at enhancing cybersecurity measures within the financial technology sector.

The event provided an invaluable platform for industry stakeholders to engage in insightful discussions on the evolving landscape of cybersecurity in Nigeria’s burgeoning fintech industry. Led by Peter Ejiofor, the CEO of Ethnos, the gathering underscored the importance of fostering strong partnerships to fortify cybersecurity frameworks and mitigate emerging threats.

Expressing gratitude to the FinTech Association of Nigeria for their visit, Peter Ejiofor remarked, “Thank you to the FinTech Association of Nigeria for stopping by at our office. It was a pleasure hosting such esteemed professionals, and we are committed to fostering positive progress and achievements in our collaborative efforts moving forward.”

The meeting exemplified Ethnos’ dedication to promoting cybersecurity excellence and its commitment to supporting…

Read More
Business Economy Technology Technology Trends Telecoms

Africa Data Centres debuts ADC Channel programme

post-image

The primary goal of ADC Channel is to foster collaboration among partners within the ISP, Carrier, Telecommunications, Systems Integration, ICT and Data Centre providers; Channel Partners will have additional product offerings to add to their current portfolio and in turn generate new revenue streams; The programme offers partners easy access to data centre experts and will provide ongoing commercial and technical support.

Africa Data Centres, a division of the Cassava Technologies group, is excited to announce the launch of its exclusive channel partner programme, ADC Channel. This programme is designed to establish colocation and ecosystem partnerships, empowering members to expand their product portfolio & offerings alongside their market presence including an expanded data centre footprint.

ADC Channel presents a unique opportunity for global carriers, Internet Service Providers (ISPs), system integrators, Data Centres, Mobile Network, Content Developer, telecommunications companies, network infrastructure operators, hyperscalers and others to deliver state-of-the-art, sustainable and cost-effective digital solutions to…

Read More
Business

Chinenye Anuforo Honored with MTN Nigeria Foundation Chairman’s Award for Outstanding Reportage

post-image

 

Chinenye Anuforo, a distinguished journalist with The Sun Newspapers, has been recognized with the prestigious MTN Nigeria Foundation Chairman’s Award for Innovative Reportage. The award ceremony took place during the School of Media and Communication’s (SMC) graduation ceremony for the MTN Media Innovation Program (MIP-2).

Presented by Mrs. Odunayo Sanya, the Executive Director and Board Member of MTN Foundation, along with a cash prize, the award acknowledges Chinenye’s exceptional report on the MTN Foundation Y’ellopreneur initiative. This initiative focuses on empowering women entrepreneurs by providing essential tools such as training, funding, and mentorship.No alt text provided for this image

Chinenye’s report highlighted the significant impact of the Y’ellopreneur initiative on women’s entrepreneurial aspirations in Nigeria. Her insightful exploration of the program’s contributions earned her this esteemed recognition.

Expressing her gratitude, Chinenye Anuforo stated, “I am pleased to receive the MTN Foundation Chairman’s…

Read More
Business Economy Environment Society Tourism Travels

Transcorp Hotel Expands to Lagos with Ambitious Project

post-image

 

Transcorp Hotels Plc, under the leadership of Tony Elumelu, is set to establish its presence in Lagos with the construction of the Transcorp Hotel Ikoyi Lagos. The upcoming 20-story property, slated for completion in 2027, aims to offer 315 rooms, positioning itself as a formidable competitor to industry giants like Marriott and Sheraton.

The project, which faced delays in its development, has now resumed construction after overcoming various challenges. With 90% of the company’s current revenue stemming from its Abuja property, known as Transcorp Abuja, the Lagos venture marks a strategic move to diversify earnings and expand its footprint in the hospitality sector.

Dupe Olusola, the Managing Director and Chief Executive Officer of Transcorp Hotels Plc, emphasized the significance of the Lagos expansion, highlighting its potential to drive revenue growth and enhance the firm’s position in the hospitality market. Financing options, including equity…

Read More
Business Economy Events Technology Technology Trends

Hanson Johnson of Start Innovation Hub Propels Akwa Ibom’s Transformation into an ICT Hub

post-image

 

In a pivotal move aimed at reshaping the economic landscape of Akwa Ibom State, Hanson Johnson, the Founder/CEO of Start Innovation Hub and a prominent figure in the digital ecosystem, has unveiled plans for the Akwa Ibom Tech Week. This initiative marks a significant step towards transitioning the state from its reliance on oil and agriculture to becoming a thriving center for Information and Communication Technology (ICT).No alt text provided for this image

During a recent address, Johnson articulated his vision for the region, stating, “There’s been extensive deliberation within closed circles regarding our shared ambition to transform Africa into a hub for living, working, and creating opportunities, starting right here in Akwa Ibom State 😜. Out of these discussions emerged Akwa Ibom Tech Week and numerous other initiatives, including the Ibom Innovation Network, designed to foster collaboration among innovators.”

Expressing his…

Read More
Business Culture Education

Anambra Governor Lauds State School Girls for National ICT Victory

post-image

 

Chukwuma Soludo, Governor of Anambra State, celebrated the remarkable achievement of three girls from a state school who brought honor to Anambra by securing a national laurel. This accolade comes shortly after another public school, CKC, garnered laurels in the United States.

Governor Soludo conveyed his heartfelt congratulations to Immaculate Ebube Ikegwuonu, Camilla Anyadike, and Nweke-Nonso Oluchi from St. John Vianney Science College, Igbariam, Anambra East LGA, for clinching the prestigious National Girls in ICT Competition 2024 championship title.

Their triumph in the competition, organized by the Federal Ministry of Communication, Innovation, and Digital Economy, not only highlights their exceptional abilities but also brings immense pride to Anambra State.

These talented young ladies displayed unwavering determination, securing victory at the state, regional, and national levels.

Their project, the M-Tag VR, which showcases Nigeria’s iconic landmarks and cultural heritage, exemplifies the innovative spirit and ingenuity of Anambra’s youth.

This victory not only underscores the impact…

Read More